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Housing Market Outlook : Quebec Region Highlights

Housing Market Outlook : Quebec Region Highlights

Single Starts: Starts of single detached homes will benefit from the improved economic and financial environment and from the reduced supply on the resale market. However, a portion of the rising demand will be diverted to less expensive alternatives such as existing homes and multiple family dwellings (semi-detached houses and town homes). About 18,350 single detached starts are expected in 2010 and 17,350 in 2011.

Multiple Starts: Activity in this market segment will be curbed by two factors: the current level of supply, which will remain relatively high, and by the lower growth rate of the population aged 75 and over, which will limit demand for retirement homes. Accordingly, it is expected that multiple starts will drop to 25,500 units in 2010 and to 24,300 in 2011.

Resales: Following a strong recovery in 2009, MLS® sales will moderate during the course of 2010 from the record level established in the fourth quarter of 2009. Sales of existing condominiums (town houses or apartments) will again be an important component of the total. This year, Multiple Listing Service (MLS®) will record 81,250 unit sales, while 2011 will see 80,000 units sales.

Prices: Decreasing but high existing home sales activity and a limited supply of listings will continue to exert some upward pressure on prices in Quebec’s resale market. Growth in the resale market will, nevertheless, moderate due to less tight market conditions. MLS® price growth is forecast to be 3.8 per cent in 2010 and 2.6 per cent in 2011.

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Québec Landlords Association (1)

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